3. Living benefits. This variable–annuity feature, which is available for an additional fee, is intended to guarantee the benefits provided. It can protect your accumulated assets during your lifetime and can provide a regular stream of income during retirement. The guarantees involved are backed by the claims-paying ability of the issuing insurance company. It’s possible to choose from a variety of riders that protect your principal, your withdrawal amounts during the payout phase or the income base that determines the size of your lifetime–income stream. Living benefits can be complicated, so ask your Financial Advisor to explain how they work and what additional costs are involved.
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